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Carbon Capture & Storage

C-Zero Markets secures carbon credits from Drax

C-Zero Markets secures carbon credits from Drax
A view of the wood pellet storage silos at Drax Power in Selby, North Yorkshire, UK.

In the UK, C-Zero Markets, a carbon offsets service provider has announced that it has "reacted quickly to market opportunities" for its clients in securing 2 000 tonnes of carbon capture credits in a ground-breaking partnership with renewable energy giant Drax Group plc.

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As well as being the biggest renewable power generator in the UK, Drax is home to the largest decarbonization project in Europe with ground-breaking negative emissions technology – Bioenergy with Carbon Capture and Storage (BECCS), that captures and permanently stores carbon dioxide (CO2) from bioenergy generation.

Drax’s carbon removals technology uses sustainably sourced biomass and, when deployed, will permanently remove four million tonnes of CO2 outside the UK by 2030.

Integral Service

According to a statement, this C-Zero Markets service is integral to their client’s net zero emissions targets, which require them to purchase carbon offset credits to compensate for the emissions they cannot cut themselves.

This initiative, the company says, is “ahead of the curve” predicted by National Grid’s Net Zero Future Energy Scenarios (FES), which aims to deploy BECCS by 2028 and predicts rapid increases in capacity in the 2030s.

Prime for Carbon Capture

The UK is prime for Carbon Capture and Storage (CCS), with Drax planning two 600 MW biomass units, upgraded with carbon capture technology by 2030.

They will deliver 40 percent of the negative emissions from BECCS, which the UK Climate Change Committee (CCC) indicates will be needed in 2050 for the UK to reach net zero.

Furthermore, according to the British Geological Survey, there are 70 billion tonnes of potential CO2 storage space around the UK, making this partnership with Drax an essential service in the C-Zero Markets portfolio.

It’s been a bit of time in the making, but I’m thrilled that the partnership with Drax will help solve the other half of the climate equation with carbon removal. This will be a crucial development in the market for our clients and us; we are already receiving huge interest. This market will evolve quickly, and being involved from the start is a game changer for us and, more importantly, our clients. This will be a global market with the legislation in North America whilst closer to home, the UK “Track 1” Power-BECCS application has been submitted, and shortlisted projects will be announced shortly, said Mike Ridler, Director of C-Zero Markets.

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